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Visteon posts wider second-quarter loss
Visteon posts wider second-quarter loss following bankruptcy
Posted Friday, Aug 7, 2009, 11:14 am in Employee News
Bankrupt supplier Visteon Corp. posted a wider quarterly net loss on Thursday, hurt by steep production cuts by automaker customers, but said it had seen signs of improvement in vehicle production levels, Reuters reported.
Visteon, which relies on Ford Motor Co. for nearly 30 percent of its sales, posted a net loss of $112 million in the second quarter compared with a net loss of $42 million in the year-ago period, the news service said. Revenue fell 46 percent to $1.57 billion, the story said.
Visteon, which has never turned an annual profit since spinning off from Ford in 2000, filed for bankruptcy protection in May, Reuters noted.. The supplier was one of the casualties of the global auto industry crisis that forced General Motors and Chrysler to restructure in bankruptcy and saddled other automakers and suppliers with mounting losses, the story said. (Reuters/Automotive News)
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